Saturday, November 22, 2014

Maria Mak. Burnaby Real Estate Agents - Vancouver home sales jump 15% in October and prices are still rising


The country’s most expensive market saw an almost 15% jump in October sales from a year ago, the Real Estate Board of Greater Vancouver said Tuesday.

The board said there were 3,057 sales in October, up from 2,661 sales a year earlier. Sales jumped 5.9% from September and were 16.6% above the 10-year average for October.

Prices also continue to rise with the board’s benchmark index up 6% from a year ago to $637,000.The average sale price of a detached home in the Vancouver area is now $1,250,557 but that’s still below the all-time high which was once close to $1.4-million.

“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between 4% and 8% depending on the property,” said Ray Harris, president of the board, in a statement.

New listings were up 4.4% in October from a year ago but dropped 14.7% from September. Detached homes were the exception with new listings dropping.

“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Mr. Harris said.

Detached home sales in October  were up 19.1% from a year ago and 60.1% from two years ago. The benchmark price for detached homes was $995,100, a 7.9% increase from a year ago.

Source: Garry Marr, Financial Post

Monday, November 10, 2014

Maria Mak- Burnaby Real Estate Agents - Buying a home - Homebuying Step by Step.

Maria Mak- Burnaby Real Estate Agents - buying a home 

Homebuying Step by Step

CMHC's Homebuying Step by Step guide is here to make things easier for you by providing the information you need to make a wise homebuying decision. This section provides examples and worksheets that will guide you through the entire homebuying process, from the moment you make the decision to buy your own home to the moment the movers carry the first box through the front door. It couldn't be easier!

In this Section:

  • Step 1: Is Homeownership Right for You?
    Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of home buying and the responsibilities of homeownership.
  • Step 2: Are You Financially Ready?
    This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.
  • Step 3: Which Home is Right for You?
    Once you have a good idea about your finances, you’ll need to think clearly about the home you’d like to buy. You need to think about your current and future housing needs and what characteristics are important to you in a home.
  • Step 4: The Buying Process
    Before you start searching for a home you need to think about your current and future housing needs and what characteristics are important to you in a home.
  • Step 5: Now That You're a Homeowner
    Practical advice for homeowners on their financial responsibilities as well as the importance of home maintenance and renovations.
  • Words to Know When Buying a Home
    This glossary provides simple yet accurate definitions of certain terms you may encounter in the Homebuying Step by Step guide.
  • Worksheets
    These user-friendly checklists and worksheets will help you all throughout the home buying process.